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20121201
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that washington lawmakers and the white house are closing in on a deal to avoid going over the fiscal cliff and triggering tax hikes for nearly everyone come january. karen travers reports on the president's new compromise and the republicans' back-up plan. >> reporter: negotiations to avoid the fiscal cliff are heating up. both sides are starting to make concessions. this morning speaker boehner briefed republican lawmakers on where things stand. >> i continue to hope we can reach broad area agreement. >> reporter: yesterday boehner met with president obama for about 45 minutes. last night the white house presented him a new offer. the proposal includes 1.2 trillion in tax increases, down from the original offer 1.6 trillion. extending the bush tax cuts for every american earning less than $400,000 a year instead of $250,000. >> his position is not based on the notion that these rate have to go up because that's good, it is based on the necessity of having enough revenue as part of this balanced package. >> reporter: the white house plan would limit cost of living increases for social secu
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